BAR Affiliate – TwentyCi graciously produced and shared a comprehensive report on home relocation in 2023, offering insightful comparisons to previous years.

This report offers an insightful glimpse into trends and noteworthy developments that have shaped the property market during this period. They provide a real-time assessment of the UK residential market, covering 99.6% of all sale and rental property moves. The report includes an overview of the state of the nation and unique insights

 

Below are some key takeaways 

 

Sales Agreed:
• In 2023, we saw 1,064k Sales Agreed, a fall of 12% compared to 2022. This correction is a direct consequence of the brake applied to the residential property market from the strong economic headwinds and the significant rise of interest rates and mortgage availability.

• Despite the macro pressures, demand remains. With the mortgage market easing and consumer confidence ebbing higher, we anticipate an improvement throughout 2024.

• Time to Sell has risen to 62 days in 2023. Although this still stands at 18% lower than pre-pandemic norms.

• Time to Complete stands at 123 days (4.1 months).

Price Achieved & Average Asking Price:

• On average, sellers across the UK achieved 96.6% of their original asking price, a decrease from the 99.4% achieved in 2022.

• Price alterations are up a huge 66% compared to 2022 as sellers became more realistic with their expectations.

• There has not been any major recalibration of property values.

• The average asking price of property coming to market is £429k, up by £7k compared to 2022. (We must be mindful that this is reflective of the type of stock available on the market.)

Estate Agency Branches:

• 2023 saw a significant increase in the volume of branch closures. By the end of the year, there were 1,154 fewer sales branches and 659 fewer lettings branches.

Online/Hybrid Agents:

• The market share for Online/Hybrid agent exchanges continues to fall. It now stands at 5.5%, down from 6.9% at the end of 2022 and 8.2% at the end of 2019.

• The rise of the Self-Employed Agent has entered the mix and now accounts for nearly 13% of New Instructions in Q4 2023 within this category.

 

Please click here to download the full report.

 

Source: TwentyCi